Bullion intraday road map for Nov 10, 2011

Gold: nice selling seen in gold yesterday and it has done our 1^st target of 1766 as given in our morning market road map, currently trading at 1761, day trading range 1749-1800, immediate support seen at 1749, reversal from 1750 area would signal another fresh advance for new highs that will take it to 1820-1842 zones. 1749 is important to watch failure below 1749 would signal a decline till 1725-1704 area. Trader can look for buying near lower band of this range.

Silver: currently trading at 33.81, day trading range is 33-35, as per daily chart it seems that selling pressure may continue in silver and selling on rise can be a good decision for the day 35$ will remain strong resistance for the day . Immediate support seen at 33.20 below this a fall till 32.80-32.20 can’t be ruled out on intraday 240 trend is down. Current move is looking bullish and a rebound from this bottom can’t be ruled out trader can go long at current price 33.83-33.75 for targeting 34.15-34.60 with stop loss of 33.60. but trend will remain down for the day and selling on rise near upper band is good .

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Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions.

Nifty Options Weekly Expiry; MAX PAIN stands at 13400

#NIFTY #INDEX currently trading at 13438, down by 90 from previous close. Today index has opened gap down and taken out the low placed yesterday at 13449 triggering primary weakness in market for the day. Immediate support is now placed at 13390, retest to this level can’t be ruled out but stability below 13390 will result in to further weakness and then attempt towards 13350-13310 zones can’t be ruled out. Key support will be at 13300 and further stability below that level will bring more weakness. Resistance is now placed at day high which stands at 13488, any sustained move (Less likely) above that level will bring some relief to bulls and then attempt towards 13540-13590 can be seen. On #option_chain heavy #call_writing is being done at 13500-13600 strikes where as short covering is visible in 13450 and 13500 puts whereas longs build up seen in 13400 puts with high volume. Based on current #OI position level of #option_pain stands at 13400 thus based on current data at 10:52AM...

LET THE MARKET TELL WHO WE ARE

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